General News
Will Nigeria Join OPEC in production cuts?

By Lukman Otunuga
The past few weeks have certainly not been kind to Oil markets amid oversupply concerns and fears over slowing global growth negatively impacting demand.
Severely depressed Oil prices have hit Nigeria’s government revenues, weighed on official Naira pegged against the Dollar and fuelled concerns over the implementation of the 2019 budget which pegged Oil at $60 per barrel. With the nation still in the process of recovering from a recession, the government may think twice about joining OPEC in production cuts.
It must be kept in mind that Nigeria was exempted from the OPEC deal signed in November 2016 thanks to domestic risk factors. With the security situation in Nigeria still fragile, growth slowly picking up momentum and diversification plans in the process, this may not be the best of times for the nation to limit production.
The current environment certainly presents a strong argument for OPEC+ to take action in a bid to stop Oil prices sinking into 2019. While a cut is on the cards, the question on the minds of many investors will be how much will be cut and how it will be split among OPEC+ members. Markets are projecting OPEC to cut production by roughly over one million barrels per day from November’s level. A cut that is in line with market expectations will be supportive of Oil prices. However, if OPEC disappoints by leaving production unchanged, Oil prices are at threat of tumbling sharply.
Dollar on standby ahead of NFP
Away from Nigeria, the Dollar is likely to remain in a narrow range ahead of the US jobs reports scheduled for release on Friday. The Dollar was attacked from all directions earlier in the week after an inversion of the US Treasury yield curve stimulated fears over the US economy decelerating. Sentiment towards the Greenback could still swing in favour of the bulls this week if the US jobs report ticks all the boxes. A strong NFP figure coupled with signs of accelerating wage growth in November will reinforce expectations of higher US interest rates in 2019.
Sterling unsettled by Brexit uncertainty
Political drama in the United Kingdom has left the British pound quite unsettled. Theresa May’s repeated defeats in parliament are discouraging and likely to fuel pessimism over her Brexit deal being squarely rejected next week. Market fears over the UK crashing out of the European Union with no deal in place should keep Pound bears in the game for the rest of this week.
Focusing on the technical picture, the GBPUSD is certainly bearish on the weekly charts. Prices are trading below the 20 Simple Moving Average while the MACD has crossed to the downside. A solid breakdown below the 1.2700 should provide bears with enough encouragement to target 1.2590.
Commodity spotlight – Gold
Where Gold concludes this trading week will primarily depend on the pending US jobs report released on Friday.
A strong US jobs report for November will be Dollar positive as expectations heighten over the Fed raising rates in 2019 – an outcome that is seen negatively impacting zero-yielding Gold. Alternatively, a disappointing report will dilute speculation over higher US interest rates ultimately pushing Gold prices higher. In regards to the technical picture, Gold prices are bullish on the daily charts. A decisive breakout and daily close above the $1,240 resistance level, may pave a path towards $1,248 and $1,260 respectively.
General News
FG Declares Admissions outside CAPS Illegal

Federal government has declared that any admission into tertiary institutions conducted outside the Central Admissions Processing System (CAPS), will be deemed illegal.
Dr Tunji Alausa, minister of Education, gave the directive in Abuja on Tuesday at the 2025 policy meeting of the Joint Admissions and Matriculation Board (JAMB).
Alausa, therefore, warned universities, polytechnics, and colleges of education across the country against illegal admission.
He said institutions and individuals involved in such practices would be prosecuted and severely sanctioned.
“Any admission conducted outside CAPS, regardless of its intentions, is illegal.
“Both institutions and the candidates involved in such practices will be held accountable.
“Sanctions may include withdrawal of institutional assets and prosecution of culpable officers or governing council members,” he said.
CAPS, introduced in 2017, automates the admission process to eliminate human interference and administrative bottlenecks.
Alausa, however, reiterated the government’s commitment to strengthen transparency, fairness, and accountability in the nation’s tertiary education system.
He explained that while the responsibility for initiating admissions rests with the academic boards of each institution, JAMB, as a statutory regulatory body is mandated to oversee and regulate the process to ensure fairness and equity.
The Minister urged vice-chancellors, rectors, provosts, and governing councils to intensify oversight functions to prevent unauthorised practices.
He assured that the Ministry would monitor compliance closely in collaboration with JAMB.
The minister also reaffirmed the policy mandating integration of the National Identification Number (NIN) into the JAMB registration process.
“The NIN requirement has proven vital in safeguarding the integrity of our admission system by curbing identity fraud and multiple registrations.
“Any abuse of the NIN system will be identified and punished,” he said.
He highlighted the need for data-driven policies in the admission processes.
The Minister also presented statistics showing a mismatch between available admission quotas and actual student intake across many programmes, especially in agriculture, education, engineering, and the health sciences.
“We have capacity, but we are not admitting enough students.
“We need to start closing the gap, so that more children can access tertiary education,” he said.
He also criticised the proliferation of underutilised institutions, revealing that over 120 universities in Nigeria received fewer than 50 applications in the current admission cycle.
“The problem is not about access, it’s about alignment and capacity.
“We don’t need to open new tertiary institutions in every ward. Instead, we must expand and strengthen the capacity of existing ones,” he said.
On his part, Sen. Shuaib Salisu, chairman, Senate Committee on ICT and Cybersecurity, called for stricter sanctions against institutions and administrators who undermine Nigeria’s admission process.
Salisu proposed the criminalisation of fraudulent admission practices.
He also warned institutions that exploit loopholes in the admissions system, allowing students to unknowingly pursue flawed admissions for years to desist from such practices.
He assured that the Senate Committee would explore legislation to criminalise such fraudulent practices, holding admission officers and institutional management accountable.
Salisu also called for an inclusive education system that drives peace and economic growth.
General News
BRICS Leaders Seek Inclusive Access to AI

To support a constructive debate towards a balanced artificial intelligence (AI) approach, the BRICS leaders have agreed on a set of guidelines to foster responsible development, deployment and use of AI technologies for sustainable development and inclusive growth.
The leaders of the BRICS nations – Brazil, Russia, India, China and South Africa – published a joint statement calling for a global governance framework for AI that is inclusive, representative and rooted in the principles of sovereignty, development and ethical responsibility.
The guidelines, which strictly refer to the use of AI in the non-military domain, should be applied through either domestic or applicable international frameworks, as well as through the development of interoperable standards and protocols, in inclusive, transparent and consensus-based processes, the statement reads.
BRICS is a political and diplomatic coordination forum for countries from the Global South. This year’s theme was “Strengthening global south cooperation for more inclusive and sustainable governance”.
The BRICS leaders’ statement positions AI as a transformative force for sustainable development and innovation, while also warning against uncoordinated governance models that could deepen global inequities, marginalise developing nations and fracture multilateralism.
It emphasises that AI governance should be anchored in the United Nations system to ensure inclusivity and legitimacy.
The BRICS countries warn against a fragmented regulatory landscape, advocating for co-ordinated multilateralism that includes the voices of developing countries – particularly from the Global South.
BRICS leaders reaffirmed their support for Digital sovereignty, saying each country must retain the right to shape AI policy and technology in line with its own development goals and legal frameworks. This includes capacity-building, data governance and technological autonomy.
“We firmly support the right of all countries to harness the benefits of the digital economy… to develop capacities in AI research, foster technological autonomy and innovation, ensure data protection, and promote their own digital economy,” the statement reads.
A major theme in the document is the need for fair, equitable and inclusive access to AI technologies. The BRICS leaders stress that all countries – regardless of economic standing – must be able to access and benefit from AI.
The group also called for global co-operation in building data governance frameworks that allow developing countries secure and equitable access to data, with full respect for privacy, intellectual property rights and national laws. This ties into support for open science, open innovation and open-source AI models that can fuel local innovation ecosystems.
On intellectual property, the statement advocates for a balance between proprietary rights and public interest to prevent exploitative data practices and ensure transparency in AI model development and deployment.
The BRICS countries voiced concern over algorithmic bias and the exclusion of underrepresented cultures and languages in AI datasets and models.
They called for ethical, transparent and accountable AI development that reflects cultural, demographic and linguistic diversity.
They also endorsed UNESCO’s Recommendation on the Ethics of Artificial Intelligence and called for international co-operation to develop inclusive datasets, tools to flag misinformation and mechanisms to mitigate bias – especially against vulnerable groups like women, children, the elderly and people with disabilities.
The BRICS nations stressed the importance of using AI as a tool for sustainable development, citing sectors such as healthcare, agriculture, education, energy and environmental conservation as priority areas.
They urged that AI development must be environmentally responsible, minimising carbon emissions and e-waste.
The potential of AI to enhance productivity and job creation was also recognised, as well as the risks of job displacement and exploitation. The statement calls for policies that safeguard worker rights, ensure compatibility between AI and human capabilities, and promote decent work in the digital economy.
“It is imperative to safeguard the rights and wellbeing of all workers, particularly those directly affected by the digital transformation… including generative AI,” the statement says.
The BRICS statement ends with a commitment to intensify co-ordination on AI governance and share the guidelines across international platforms. It extends an open invitation to other developing countries to contribute to and refine the emerging global framework for AI.
“We welcome contributions to further develop these guidelines, particularly from other developing countries, and will remain open to revisiting them.”
General News
Tech-driven Solutions Receive Commendation @ Maiden Insurance Week Hackathon

Mrs Yetunde Ilori, President of the Chartered Insurance Institute of Nigeria (CIIN), has commended the innovative and technology-driven solutions presented during the institute’s maiden Insurance Week Hackathon competition.
Ilori gave the commendation after the completion of the competition on Thursday in Lagos, held at the College of Insurance and Financial Management in Asese, Ogun, as part of the Insurance Week organised by the CIIN.
She described the solutions as crucial to the industry’s transformation and relevance in the digital age. “This shows that the future is bright for the Nigerian insurance industry.
We are transforming as an industry, and digital innovation is at the heart of that transformation,” Ilori said. She noted that 19 teams initially applied for the competition, but only six were shortlisted.
The competition, which targeted young Nigerians between the ages of 18 and 29, engaged six finalist teams over a fourweek intensive innovation process, culminating in a demo day on Wednesday in Lagos.
The hackathon focused on real-world challenges in the sector, such as inclusive insurance, fraud detection, risk management, and improving customer experience.
It was designed to cultivate the next generation of insurance innovators, deepen insurance awareness, and promote financial literacy among Nigerians.
The teams that participated in the final stage of the competition were: Ifokanbale, Insurbridge, Insurvate, Team Aegis, Team Phoenix, and The Assured Team. Team Aegis developed “Hustle Guard,” a microinsurance solution for tricycle drivers covering health, life, and income, in an effort to demystify micro insurance in Nigeria.
The Assured Team presented “Kolo Plus by Card,” an unstructured savings plan with payment and interest features tailored to low-income earners. Team Insurbridge created “Smarter Claims,” a solution aimed at improving the insurance claims process.
Team Phoenix introduced “HerShield,” a solution focused on empowering women and building trust in the insurance sector. The Assured Team also developed additional ideas to drive insurance penetration in underserved and informal communities.
After an engaging pitch session before a panel of judges, Team Insurvate emerged as the overall winner with its solution, “Claim Central”, an end-to-end digital platform designed to streamline the insurance claims process from policyholders to insurers.
Team Aegis secured second place, while Team Phoenix came in third. The panel of judges included financial sector experts such as Norah Igwe, Tunji Andrews, Diana Mulili, Sakeenat Bakare, Ibraheem Babalola, and Prince Adeshina Adeyemi-Doro.
Also speaking, Mr Eddie Efekoha, Chairman of the Insurance Week, said the hackathon demonstrated a conscious effort to explore how technology can help distribute insurance products to all parts of the country.
“We believe this initiative will spark more interest among the youth to engage with insurance, not just as consumers but as creators and innovators,” he said.
Speaking on behalf of the winning team, Mr Odunayo Ojeremi, leader of Team Insurvate, described the competition as highly competitive and rewarding. “We are excited and grateful for the opportunity.
“We didn’t expect to win, but we are glad our solution was recognised. We hope to improve ‘Claim Central’ and make it a platform that ensures seamless claims processing,” he said.
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